Brexit has created inequality on Wall Street; that’s how analysts at Bank of America sum up the asset flows since June 24.
Brexit has created inequality
Inequality has been created between bond investors and equity investors as cash sitting on the sidelines has flowed into bonds during the past two weeks — something Bank of America calls the fresh “irrational upside” in government & corporate bonds, and high quality & high yield stocks. Also, gold and silver prices have soared as investors hedge against future populist policies.
HSBC: Global Equity Fund Outflows Highest On Record
On the other hand, financial equities remain untouchable. Global bank stocks are down 30% since the ECB took deposit rate into negative territory on June 14.
Bank of...
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